Problem 3-2 (Algo)National Scan, Inc., sells radio frequency inventory tags. Monthly sales for a seven-month period were as folMonthFeb.Mar.Apr.May.Jun.Jul.Aug.Sales(000) Units19228127224192722Click here for the Excel Data Filea. Forecast September sales volume using each of the following:(1) The naive approach.

The monthly sales for 7 months is given below:

Answered: National Scan, Inc., sells radio…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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i need this to study stop canceling my questions A check-processing center uses exponential smooth- ing to forecast the number of incoming checks each month. The number of checks received in June was 40 million, while the fore- cast was 42 million. A smoothing constant of .2 is used. a) What is the forecast for July?b) If the center received 45 million checks in July, what would be the forecast for August?c) Why might this be an inappropriate forecasting method for the situation
4. What is the difference between trend and seasonality in time series data? 5. Here are the errors associated with a particular forecast over the past 5 months, in chronological order: 5, 10, -15, 0, 8. In which month was the forecast perfectly accurate? In which month was the forecast the least accurate? In which month or months was the forecast too high? (Noteshaper Ramp Up # 23) 6. Tutoring Center needs to allocate tutors this week for office appointments, so it needs to forecast the number of students who will seek appointments. The director has gathered the following time series data recently: Time Period Code Student Appointments Jan 6 - 10 95 Jan 13 - 17 80 Jan 20 - 24 65 Jan 27 – 31 4 50 a) What is the naïve forecast for the number of student appointments for Time Period 5 (Feb 3– 7)? b) What is the 2 week moving average for Time Period 5? c) What is the 3 week moving average for Time Period 5? d) What is the forecast for Time Period 5 using exponential smoothing with alpha =…
Here are the errors associated with a particular forecast over the past five months, in chronological order: 2, 5, 0, -5, -10. Which of the following statements is (are) true? I. The forecast was too high during the fifth month. II. The mean error over these five months is -2. III. The forecast was perfectly accurate during one of the months. a. I only Ob. Il only O. Il only d. I and III Oe.I, Il and II
The following tabulations are actual sales of units for six months and a starting forecast in January. ACTUAL 124 FORECAST 104 120 133 109 86 105 January February March April May June a. Calculate forecasts for the remaining five months using simple exponential smoothing with a = 0.3. Note: Round your answers to the nearest whole number. February March April May June Saved Forecasts b. Calculate the MAD for all the forecasts, including January's. Note: Round your answer to 1 decimal place. MAD
solve all parts within 30 mins
1. Favors Distribution Company purchases small imported trinkets in bulk, packages them, and sells them to retail stores. They are conducting an inventory control study of all their items. The following data for the year 2006 are for one such item, which is not seasonal. [10 Points] Month Sales Jan Feb 18 19 Mar Apr May Jun 17 21 20 19 Jul 20 Aug 23 a. Use trend projection to estimate the relationship between time and sales (state the trend line equation in this problem). b. Calculate forecasts for February 2007, April 2007, and February 2008
All forecasts are subject to error. Do you think topmanagers would be concerned about the effectson the firm if sales revenues or unit costs, forexample, turned out to be different from the forecasted level? How could you provide informationon the effects of such errors?
Font Paragraph Styles Question 3 Consider the following from an estate agent's business nationally: Month Houses Sold Jan Feb Mar 380 360 390 Apr May June July Aug Sep Oct 400 390 380 394 454 460 460 Nov Dec 430 370 a) Calculate the three point moving averages (quarters) and seasonal variation for the above data b) Define moving averages and how they're useful in forecasting (use Harvard referencing) c) At races, your horse, White Rum, has a probability of 1/20 of coming 1st, 1/10 of coming 2nd and a probability of 4 in coming 3rd. First place pays $5,000 to the winner, second place $4,000 and third place $1,350. Hence, is it worth entering the race if it costs $1050?
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(An excel file using shown formulas
discuss the strategic importance of forecasting for Disney and demonstrate how Disney World systematically uses the first seven steps in the forecasting process to initiate, design and implement forecasting systems
Consider the following sales data for Bell, Inc. Month Sales ($ Millions) Jan. 10 Feb. 12 March 14 April 16 May 18 June 23 July 26 Aug. 31 Sept. 27 Oct. 18 Nov. 16 Dec. 14 a. Use a three-month weighted moving average to forecast the sales for the months April through December. Use weights of (3/6), (2/6), and (1/6), giving more weight to more recent data. b. Use exponential smoothing with α = 0.30 to forecast the sales for the months April through December. The forecast for January was $12 million. c. Compare the performance of the two methods by using the bias and MAD as the performance criteria. Which performance method is the most reasonable? Why?

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